In a report published Monday, Bank of America analyst Fraser McLaren reiterated a Buy rating on National Grid plc NGG, and raised the price target from $75.50 to $78.75.
In the report, Bank of America noted, “National Grid remains well positioned in current markets, combining a low risk/low volatility regulated business model with a secure 4.8% dividend yield, which could see further compression vs UK/US sovereigns already sub 2.5%. We believe recently announced ECB stimulus action and our House view of further deterioration in European macro trends are ingredients for National Grid to outperform. We raise our PO to 965p [US$78.75], at which the shares would trade on a relatively undemanding inflation-linked 4.5% yield FY1 and offer a total return of c10%. DDM analysis could support c1000p. Grid is our top defensive European utility pick – reiterate Buy.”
National Grid plc closed on Friday at $75.05.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in